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Crude falls back below $40

Posted on: March 24, 2016

WTI has had a tough last 36 hours, retracing ever since API released inventory numbers Tuesday afternoon. Yesterday the EIA confirmed the bearish numbers, showing a build of over 9MM in crude stocks and another strong import number as ships continue to unload in the Gulf Coast. Small positives included a large gasoline draw and a small decline in production, but they were dwarfed by the other data points.

WTI for May settled $1.66 lower at $39.79 and Brent settled $1.32 lower at $40.47. The selling continues this morning as WTI trades a $38 handle.

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